Equifax vs UL Solutions
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The short version
- Equifax is the larger business, with $6.1B of revenue in fiscal 2025 against $3.1B for UL Solutions, about 2.0 times as much.
- Equifax grew revenue faster (6.9%, against 6.4%).
- Equifax kept more of each dollar of sales as operating profit (18.0% operating margin, against 17.1%).
- Equifax turned more of its sales into free cash flow (18.7% FCF margin, against 13.2%).
- UL Solutions earned a higher return on the capital invested in it (26.8%, against 8.5%).
- Investors pay more for each dollar of UL Solutions’s earnings: a P/E of 29.6x against 29.5x for Equifax.
| Latest fiscal year | EFX · FY25 | ULS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $21.5B | $15.0B |
| Revenue | $6.1B | $3.1B |
| Free cash flow | $1.1B | $403M |
| Net income | $660M | $325M |
| Growth | ||
| Revenue growth | 6.9% | 6.4% |
| 5-year growth | 8.0% | — |
| Share count change | −0.6% | 1.0% |
| Profitability | ||
| Gross margin | — | 49.5% |
| Operating margin | 18.0% | 17.1% |
| Net margin | 10.9% | 10.7% |
| FCF margin | 18.7% | 13.2% |
| Return on capital | 8.5% | 26.8% |
| Return on equity | 14.1% | 30.0% |
| Balance sheet | ||
| Net debt | $4.9B | $196M |
| Net debt / EBITDA | 2.7x | 0.3x |
| Dividends and buybacks | $1.2B | $104M |
| Valuation & quality | ||
| P/E | 29.5x | 29.6x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
EFX $3.1B
ULS —
FY17
EFX $3.4B
ULS —
FY18
EFX $3.4B
ULS —
FY19
EFX $3.5B
ULS —
FY20
EFX $4.1B
ULS —
FY21
EFX $4.9B
ULS —
FY22
EFX $5.1B
ULS $2.5B
FY23
EFX $5.3B
ULS $2.7B
FY24
EFX $5.7B
ULS $2.9B
FY25
EFX $6.1B
ULS $3.1B
EFX
ULS
Operating margin
FY16
EFX 26.2%
ULS —
FY17
EFX 24.7%
ULS —
FY18
EFX 13.1%
ULS —
FY19
EFX −9.6%
ULS —
FY20
EFX 16.4%
ULS —
FY21
EFX 23.1%
ULS —
FY22
EFX 20.6%
ULS 16.4%
FY23
EFX 17.7%
ULS 13.7%
FY24
EFX 18.3%
ULS 16.1%
FY25
EFX 18.0%
ULS 17.1%
EFX
ULS
Free cash flow
FY16
EFX $650M
ULS —
FY17
EFX $598M
ULS —
FY18
EFX $350M
ULS —
FY19
EFX −$85.8M
ULS —
FY20
EFX $525M
ULS —
FY21
EFX $866M
ULS —
FY22
EFX $133M
ULS $208M
FY23
EFX $516M
ULS $252M
FY24
EFX $813M
ULS $287M
FY25
EFX $1.1B
ULS $403M
EFX
ULS
Return on capital
FY16
EFX 12.9%
ULS —
FY17
EFX 12.2%
ULS —
FY18
EFX 6.8%
ULS —
FY19
EFX −4.7%
ULS —
FY20
EFX 9.0%
ULS —
FY21
EFX 12.3%
ULS —
FY22
EFX 8.7%
ULS —
FY23
EFX 7.3%
ULS —
FY24
EFX 7.9%
ULS 29.1%
FY25
EFX 8.5%
ULS 26.8%
EFX
ULS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.